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Joe runs a shoe shine stand at the airport. Joe has no skills, no job experience, and no alternative job. Entrepreneurs in the shoe shine business earn $10,000 a year. Joe pays the rent of $2,000 a year, and his total revenue is $15,000 a year. He borrowed $1,000 at 20 percent a year to buy equipment. At the end of one year, Joe was offered $500 for his business and all its equipment. Calculate Joe's annual explicit costs, implicit costs, and economic profit.
Construct a variation of this model along the lines of the semi-endogenous growth models of Section 13.3 in Chapter 13, where the strong scale effect is removed and there is long-run growth at a constant rate (when population grows at the rate n >..
Demonstrate that the maximum likelihood estimator of p is m/n.
calculate the probability that the mean passenger weight would exceed the maximum safe load as determined by the USCG. Two months after the accident, the USCG ordered the operator of the water taxi to reduce passenger load on all its craft by "abo..
Consider the following information. For Group A the cost of attaining an educational level is CA(y)=$6,000y and for Group B this is CB(y)=$10,000y. Employees will be offered $50,000 if they have y
Analyze the message delivered by each of your visual media items. Foreachitem, respond to the following questions in complete sentences. Cite evidence from the resource and the lesson to justify your responses.
Assume that two companies (C and D) are duopolists that produce identical products. Demand for the products is given by the following linear demand function: P = 600 - Q^c -Q^d where Q^c and Q^d are the quantities sold by the respective firms
Draw a typical stress-strain curve for concrete. From this, how would you determine the dynamic modulus of elasticity and the different types of the static elastic moduli? Typically, what are their magnitudes for a medium-strength concrete?
max c,l,h {ln(c)+μ ln(l)} subject to the budget constraint: c=a+(1-T)wh and the time constraint: l+h=1 let μ>0. T
You are the sales manager for a software company and have been informed that the price elasticity of demand for your most popular software is less than one. To increase total revenues, you should:
A surface condenser is designed as a two-tube-pass shell-andtube type heat exchanger at 10 kPa (hfg = 2007.5 kJ/kg, Ts = 45°C). Coolant water enters the tubes at 15°C and leaves at 25°C.
Consider the scenario that is least favorable to the median voter. Under what conditions will the median voter vote in favor of public schooling?
Alistair deposited $10,000 on July 1, 2005, in a first fund that gives interest of 31?2 percent compounded semiannually and matures on June 1, 2012. He knows that, on December 18, 2012, he can deposit money in a second fund.
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